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Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

v3.5.0.2
CONSOLIDATED BALANCE SHEETS - USD ($)
Jul. 31, 2016
Apr. 30, 2016
Current assets:    
Cash and cash equivalents $ 480,317 $ 783,796
Accounts receivable, net of allowance of $449,946 and $449,946, respectively 2,760,765 2,179,852
Prepaid expenses 214,230 123,055
Total current assets 3,455,312 3,086,703
Property and equipment:    
Call center equipment 33,731 79,199
Computer and office equipment 73,674 67,773
Furniture and fixtures 155,453 114,964
Software 2,321,367 2,567,383
Total 2,584,225 2,829,319
Less accumulated depreciation and amortization (1,391,623) (1,680,687)
Total property and equipment, net 1,192,602 1,148,632
Courseware, net 183,480 194,932
Accounts receivable, secured - related party, net of allowance of $625,963, and $625,963, respectively 45,329 45,329
Other assets 54,176 31,175
Total assets 4,930,899 4,506,771
Current liabilities:    
Accounts payable 418,699 9,201
Accrued expenses 250,267 176,974
Deferred revenue 1,203,234 1,013,434
Refunds Due Students 121,938 110,883
Deferred rent, current portion 8,156 2,345
Convertible notes payable, current portion 50,000 50,000
Total current liabilities 2,052,294 1,362,837
Line of credit 248,783 1,783
Loan payable officer - related party 1,000,000 1,000,000
Convertible notes payable - related party 300,000 300,000
Deferred rent 47,066 29,169
Total liabilities 3,648,143 2,693,789
Commitments and contingencies - See Note 8
Stockholders' equity:    
Common stock, $0.001 par value; 250,000,000 shares authorized, 135,158,145 issued and 134,958,145 outstanding at April 30, 2016, 138,158,145 issued and 137,958,145 outstanding at July 31, 2016 137,959 134,958
Additional paid-in capital 26,325,671 26,353,451
Treasury stock (200,000 shares) (70,000) (70,000)
Accumulated deficit (25,110,874) (24,605,427)
Total stockholders' equity 1,282,756 1,812,982
Total liabilities and stockholders' equity $ 4,930,899 $ 4,506,771